Next is Payroll taxes are also known as SSI taxes or Medicare taxes which are collected from both individuals and their employers based on overall payroll and are of a much lower overall percentage are used in large part to fund social benefit programs such as Medicare, Welfare, and Social Security(Bianco,2013.). Corporate income tax, which was once the largest form of federal revenue and is now the third and consists of taxes collected on the income of corporations with the country(Investopedia,2014.). And lastly, Federal Excise Taxes which are unique sales taxes collected on certain goods, foods and services, such as Alcohol, cigars, Gas and Tobacco
Next is Payroll taxes are also known as SSI taxes or Medicare taxes which are collected from both individuals and their employers based on overall payroll and are of a much lower overall percentage are used in large part to fund social benefit programs such as Medicare, Welfare, and Social Security(Bianco,2013.). Corporate income tax, which was once the largest form of federal revenue and is now the third and consists of taxes collected on the income of corporations with the country(Investopedia,2014.). And lastly, Federal Excise Taxes which are unique sales taxes collected on certain goods, foods and services, such as Alcohol, cigars, Gas and Tobacco